CORPORATIONS: Santa Comes to Follansbee

Only hours before its death sentence was to be carried out last week, the little town of Follansbee, W.Va. got a reprieve—and then a full pardon. Follansbee's doom seemed to be sealed by the deal under which Promoter Frederick W. Richmond would buy out the town's major employer, Follansbee Steel Corp., and sell the mill and inventories to Republic Steel Corp. for dismantling and shipment down South (TIME, Sept. 27; Nov. 8). At the last minute, Federal District Judge Herbert S. Boreman stepped in. He declared last week that the Follansbee stockholders vote approving the deal was null and void...

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